09 March 2009

Another slow melt on Friday as the jobs numbers left much to be desired. A late afternoon rally sparked by who knows what left the S&P and the DOW slightly green while the ugly step child this day was the NAZ that finished red after an ugly sell-off in the morning. I had thrown the dice a bit Thursday picking up some FAS calls at the bell. Well, those were green for about fifteen minutes until the sellers came in full force and I had to dump them at $30 for a slight loss. There seems no bottom for the financials but at some point the sellers will have exhausted themselves and the shorts will step back for a bit. That should release the bulls for a bit so I have been positioning for this. Picked up some CME calls as the exchanges seem poised for a run. We shall see.